The Korean Agreement 2018: A Comprehensive Overview
The Korean Agreement, also known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), is a trade agreement between 11 countries in the Asia-Pacific region. Signed in March of 2018, the agreement seeks to lower trade barriers, promote economic growth, and increase regional integration among member countries.
The agreement was originally negotiated as the Trans-Pacific Partnership (TPP) in 2015, with 12 countries signing on to the agreement. However, the United States withdrew from the agreement in 2017, leaving the remaining 11 countries to renegotiate and sign the agreement in its modified form.
The 11 countries involved in the Korean Agreement are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. Together, these countries represent a combined GDP of over $13.5 trillion and a population of nearly 500 million people.
One of the key goals of the Korean Agreement is to reduce tariffs and other barriers to trade between member countries. Under the agreement, tariffs on a wide range of goods, including agricultural products, textiles, and electronics, will be phased out over time. This is expected to provide significant benefits to businesses and consumers alike, by lowering prices and increasing access to a wider range of products.
In addition to reducing trade barriers, the Korean Agreement also includes provisions to protect intellectual property rights, promote labor rights, and protect the environment. The agreement also includes a mechanism for resolving disputes between member countries, helping to ensure that the agreement is enforced effectively.
The Korean Agreement has been praised by many as a significant step forward in promoting economic growth and regional integration in the Asia-Pacific region. However, the agreement has also faced criticism from some, particularly in areas such as labor rights and the environment. Some critics have argued that the agreement could lead to job losses in some industries, while others have expressed concerns about the impact of increased trade on the environment.
Despite these concerns, the Korean Agreement is viewed by many experts as a landmark achievement in international trade. By reducing barriers to trade and promoting regional integration, the agreement is expected to provide significant benefits to businesses and consumers across the Asia-Pacific region, helping to drive economic growth and prosperity for years to come.
